China Adds Domestic AI Chips to Government Procurement List as U.S. Considers Easing Nvidia Export Curbs 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Australia’s Under-16 Social Media Ban Sparks Global Debate and Early Challenges 
Home ownership is slipping out of reach. It’s time to rethink our fear of ‘forever renting’ 
Wall Street Rebounds as Investors Eye Tariff Uncertainty, Jobs Report 
FxWirePro- Major Crypto levels and bias summary 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
Ferrari Group to Launch IPO in Amsterdam, Targets Over $1 Billion Valuation 
Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
FAA Unveils Flight Plan 2026 to Strengthen Aviation Safety and Workforce Development 
Australia Enforces World-First Social Media Age Limit as Global Regulation Looms 
FxWirePro- Major Crypto levels and bias summary 
Busan, the second largest city in South Korea, has set out to work on achieving its goal of becoming a “Blockchain City.” The city will soon launch a public mainnet as part of its initiative for the project that has been described as “ambitious.”
The local government administration of Busan City is spearheading the massive project for the development and rollout of the Mainnet, which is a term used to refer to a blockchain protocol that has been fully developed and successfully deployed to the public. Busan is spending about KRW100 billion, or around $75 million, to realize its technologically advanced goal.
Moreover, it was mentioned that Busan is developing this public blockchain network to be compatible with major and most-used blockchain platforms such as Ethereum and Cosmos.
As per CoinTelegraph, the main objective of the city is to incorporate various types of blockchain-based services offered by different blockchain mainnets.
They will bring them all to a single platform that every user can easily access at the city level. With this system, Busan hopes it will be hailed as the blockchain hub. The allocated funds of $75 million will all be spent on the development so they can soon open the Blockchain City that will be compatible with not just local but global standards under the Blockchain Innovation Fund (BIF).
Busan officials said that they will raise the funds through investments from public financial institutions in the city, where almost 100 private companies have already shown great interest in the project.
Meanwhile, Cryptopolitan reported that aside from the mainnet, Busan City has more plans related to the blockchain. It is planning to introduce the Busan Digital Asset Exchange as well, and this may happen within the first half of 2024.
In the early stages, this exchange will support blockchain-based deals involving tokenized products like raw materials and precious metals. Later, the plan will include the tokenization and marketing of global intellectual property and carbon emissions rights.
Photo by: Sam Balye/Unsplash
